Newsletter Summer 2012

Our article ‘A haven of success’ looks at Business Property Relief, a very important relief for Inheritance Tax purposes but its availability in certain circumstances can be regularly challenged by HMRC. In a recent case the judge ruled against HMRC so does that leave the door open for more to benefit? Read on to find out if you could benefit.

Making the most of your allowances

The start of the tax year saw an increase in tax allowances for many. It is important to ensure that you take advantage and maximise your own and your family’s entitlements...

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A haven of success

Business Property Relief (BPR) at 100% of the value of the business or shares is a very important relief for inheritance tax (IHT) purposes...

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A change for the worse

When the time comes to dispose of the company business and enjoy a hard earned retirement you will clearly want to do this as tax efficiently as possible. Even where a cash sale to a third party is available, a purchaser may prefer to acquire the ‘assets and trade’ of the company rather than the shares...

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Accessible finance

The National Loan Guarantee Scheme (NLGS) was launched by the Government on the eve of Budget 2012 following initial proposals made in the last Autumn Statement. The aim is to help smaller businesses access cheaper finance...

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State Benefits for having kids - not if you earn £50,000

Child Benefit is currently paid to anyone with a child under 16, or aged 16 -19 if they are in relevant education or training. The amount is £20.30 a week for one child and £13.40 a week for each subsequent child. The benefit is not currently means tested although this is set to change...

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changes ahead for cars

The cost of acquiring capital equipment in a business is not a tax deductible expense. Instead, tax relief is available on certain capital expenditure in the form of capital allowances...

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Restricting reliefs

Budget 2012 announced the intention that, from 6 April 2013, there will be limits to the amount of income tax relief that individuals can claim...

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